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Will Gradualism Work When Shock Therapy Doesn"t?

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  • Vivek H. Dehejia

    (Carleton University and CESifo)

Abstract

When shock therapy is politically infeasible, will gradualism work? This paper takes up this question by: (i) building a political economy model in which it makes sense; (ii) stating the relevant political economy constraint rigorously; and (iii) analyzing the question in the context of a neoclassical model of adjustment, based on Mussa (1978). The paper answers the question in the affirmative, thus contributing to the scientific and policy literature on the economic analysis of policy reform. Copyright 2003 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Economics and Politics.

Volume (Year): 15 (2003)
Issue (Month): 1 (March)
Pages: 33-59

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Handle: RePEc:bla:ecopol:v:15:y:2003:i:1:p:33-59

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985

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Cited by:
  1. Laurila, Juhani & Singh, Rupinder, 2000. "Sequential reform strategy: The case of Azerbaijan," BOFIT Discussion Papers 8/2000, Bank of Finland, Institute for Economies in Transition.
  2. James Dean & Vivek H. Dehejia & Elinor Johansen & Sarah Turney, 2004. "Optimal Globalization and National Welfare," Carleton Economic Papers 04-17, Carleton University, Department of Economics.
  3. Shubham Chaudhuri & Erhan Artuç & John McLaren, 2003. "Delay and dynamics in labor market adjustment: Simulation results," Discussion Papers 0304-07, Columbia University, Department of Economics.
  4. Dehejia, Vivek H., 2001. "Optimal restructuring under a political constraint," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1989-2006, December.
  5. Didier Laussel & Philippe Michel & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model. Une approche par la méthode événementielle," Recherches économiques de Louvain, De Boeck Université, vol. 70(2), pages 169-192.
  6. Didier LAUSSEL & Philippe MICHEL & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model," Discussion Papers (REL - Recherches Economiques de Louvain) 2004023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  7. Shubham Chaudhuri & John McLaren, 2007. "Some Simple Analytics of Trade and Labor Mobility," NBER Working Papers 13464, National Bureau of Economic Research, Inc.
  8. Digdowiseiso, Kumba, 2010. "The transition of China and Ussr: A political economy perspective," MPRA Paper 22561, University Library of Munich, Germany.
  9. Stephen Cameron & Shubham Chaudhuri & John McLaren, 2007. "Trade Shocks and Labor Adjustment: Theory," NBER Working Papers 13463, National Bureau of Economic Research, Inc.

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